Taxes

Local Taxes

Local Real Property Tax Rate

Ad Valorem property taxes are based on the value of real property and tangible personal property. Real property includes land, buildings and all improvements or fixtures annexed to the building or structure. Tangible personal property that is used for the production of income includes business inventories, machinery, equipment and furnishings.

The city of Temple is in Bell County and either the Temple, Belton, Troy or Academy Independent School Districts. Depending upon the location of a specific piece of property, the levying jurisdictions will vary. All rates are per $100 of assessed value. To determine the tax, divide the assessed value of the property by 100 and multiply by the rate.

Temple ISD

Belton ISD

Troy ISD

Academy ISD

City of Temple

Bell County

County Road District

Clearwater Underground Water District

Temple College District

Temple Health & Bioscience District

(per $100 assessed value)

Sales Tax Rate

The State of Texas sales tax rate is 6.25%. Texas cities, counties, transit authorities and special purpose districts have the option of imposing an additional local sales tax, for a combined total of state and local taxes of 8.25%. The Sales and Use Tax is imposed on all retail sales, including rentals and leases of most goods. The local sales tax rate in the City of Temple is 1.5% and Bell County is .5%.

State of Texas +

6.25%

Bell County +

.5%

City of Temple +

1.5%

= State & Local Taxes

8.25%

Sales Tax RevenueCity of Temple

4.33%

increase over 5 years

FY 2015

FY 2011

Month

FY 11

FY 12

FY 13

FY 14

FY 15

% Variance

Oct

1,511,535

1,519,727

1,534,807

1,675,339

3,489,994

108.32%

Nov

1,128,208

1,167,140

1,392,500

1,479,695

1,566,784

5.89%

Dec

1,165,367

1,167,140

1,534,807

1,419,695

1,430,286

7.79%

Jan

1,797,063

1,214,504

1,392,500

1,960,221

2,213,612

12.93%

Feb

1,059,335

1,861,602

1,462,327

1,433,592

1,457,610

1.68%

Mar

1,284,123

1,157,552

1,838,329

1,400,219

1,421,812

1.54%

Apr

1,599,804

1,645,580

1,258,123

1,835,107

1,826,749

-0.46%

May

1,223,805

1,271,981

1,414,245

1,489,931

1,486,686

-0.22%

June

1,182,645

1,476,697

1,687,794

1,493,886

1,461,142

-2.19%

July

1,679,085

1,623,468

1,317,625

1,709,959

1,880,703

-9.99%

Aug

1,173,940

1,342,609

1,459,520

1,593,968

1,567,111

-1.68%

Sept

1,320,951

1,387,390

1,480,015

1,489,789

PTD Total

14,804,911

15,580,011

16,537,611

17,491,681

19,802,487

13.21%

YTD Total

16,125,862

16,967,401

18,017,625

18,981,471

19,802,487

4.33%

State Taxes

Effective State Corporate Income Tax Rate

The State of Texas levies a margin tax on each taxable entity organized in Texas or doing business in Texas. Margin equals the lowest of three figures:

Total revenue less cost of goods sold

Total revenue less compensation

Or 70% of total revenue

The tax does not apply to sole proprietorships, general partnerships with individual owners, nonprofits or entities with $300,000 or less in gross receipts.

Rate (per $1 MM income) Equals

1.0%

of margin for most taxable businesses.

0.5%

for qualifying retailers and wholesalers.

0.575%

for qualifying entities with $10 million or less in total revenue annualized per 12 month period.

The first $9,000 a year employers pay each employee is taxable. Employers’ tax rate and the taxable wages they pay determine the amount they owe. New employers pay at a rate of 2.70%. Employers receive an experience rate after six calendar quarters. Their experience rate will vary depending on taxable wages reported and individual claims charged against their account.

Texas UI Tax

2.70% for New Employees

Sales Tax Exemptions on Manufacturing Property

Manufacturers may claim a Texas sales tax exemption for tangible personal property, directly used or consumed in or during the actual manufacturing, processing, or fabrication of tangible personal property.

About Temple EDC

Established in 1988, the Temple Economic Development Corporation (Temple EDC) is a nonprofit organization that serves as the designated economic development entity for the City of Temple, Texas. Temple EDC is a one-stop shop for all things business development and works closely with community partners and the City of Temple seeking growth opportunities.

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